16 Excuses people make for not saving or investing their money.

1. I have to pay for my children's private (not university) school so I can't save or invest any money.

If you can't save money because you are spending all your money on their private elementary school, how do you expect to pay for their University which will be much more expensive? Wouldn't it be better to save money by having them study in public elementary school so that you'll have the money to pay for their private university?

2. I don't make enough money to save any money. If I earned $X/per month I would.

The problem here is that the more money we make, the more we spend on upgrading our lifestyles.

This is part of the idea that we compete with our neighbors, coworkers, and people in our social groups.

If Billy buys a new car, I all of a sudden, NEED a new car.

Just maybe, Billy is using his home equity loan and credit cards to buy all that stuff. Why do you want to be like him anyway?

If you always wait until you make more money, you will not save a dime, peso or even a euro.

You just have to start. The best way to do it is by saving or investing a percent or two of your money everytime you get paid then when you get used to it just increase by a percent or more. The longer you wait, the higher the percentage of money you'll need to save to be able to retire at 65 or 67.

3. I don't need to save money. I will work until I die.

I'm glad you love your job, but depending on what you do you might not be able to or want to keep doing it when you're at a retirement age or older. In fact, many people because of injuries or just getting older are not capable of working their job at the 'ripe old' age of 55. If your job now makes you occasionally do heavy lifting or work irregular hours, you'll probably find that at 55 or 65, or 75 you won't be able to do it. Just perhaps you'll want a career change, but who wants to hire a 60 year old with no experience? I don't know about you but even if I work part time when I'm 55 or 65 years old, I want to have the option to retire and go on cruises or whatever.

4. I wasn't taught to save money when I was a child.

You don't have to be a child to be taught, and you don't have to be a child to learn. This excuse is lame. Perhaps the old dog can't learn new tricks but I have news for you, you aren't a dog! Dogs can't read.

You can take a course at a Jr. college, go to a seminar, read about investing and saving online, or ask someone WHO HAS BEEN saving or investing for help. If your mother doesn't know how to ride a bike, why would you ask her to teach you?

It would be better to ask that 'successful' friend you've been secretly jealous of, how he or she does it. You might think it is luck. It is probably a lot of goal planning and money management.

5. What little I save will be insignificant/not enough, so why bother?

Lets say you are dirt broke, you have credit card debt, and you can't pay your bills.

I bet you don't follow a budget and you spend a significant portion of your money on Entertainment, clothing, cell phones, or cars that you can't afford. If you only make minimum wage, consider moving in with relatives or sharing an inexpensive apartment with friends. Get a roommate or two. Put in bunk beds, and cancel the cable television. Only use the most basic cell phone plan if you need one. Cook at home instead of eating out.

The amount you save by checking your expenses will be incredible after a few years.

6. My husband will take care of me.

Have you asked him? What if he dies tomorrow? What if he becomes disabled? Do you have permanent disability insurance? Is your insured income sufficient for both of you to live off of? What if you get a divorce? Why should he have to take care of you?

7. I'm too impulsive to save anything.

There are many strategies for impulsive people to save money. You could set up an automatic withdrawal from your bank account every month or twice a month. You could have you paycheck direct deposited. Be creative and find a solution.

8. I'm not smart enough to save money. I didn't study Business or accounting at school.

You don't have to be a rocket scientist to save money. Just start saving or investing in something that doesn't have a high barrier to entry, high minimum balance, and then start learning more about your options. You could start by opening a savings account in the bank for an emergency fund and then later invest it in anything that offers you better returns.

9. I don't have enough money to open an account at my bank.

No problem, go to another bank, check out investments in money market fund using automatic withdrawal, or put your money in a safe place until you do have enough.

10. I won't save anything because I could die tomorrow ... and then what?

Why eat, clean, cook, sleep, or do anything at all because you could die tomorrow. If you plan to fail, do you think you will win? Do you think money falls from the sky or grows on trees? Do you want the rest of your life to be just as mediocre as it is today... if you do keep it up. You'll be as unsuccessful as you plan to be. Besides, if you died tomorrow, who will bury you? Death is expensive!

11. I'm too young to save money, and I need to be free and enjoy life.

If you have a full time job and you're not in the university then you are old enough to save money.

Yes, I agree that you should enjoy your life, however you'll enjoy it more by saving young and retiring early.

12. I would have to sacrifice everything to save money and I don't want to suffer.

Who told you that you'd have to suffer? You'll suffer more when your car breaks down and you can't pay to get it repaired. You'll suffer when you have that accident and you can't pay the hospital bill!

13. I have no reason to save any money.

Do you want to own your own condominium or house? Do you want to pay off your car loan? How about a vacation cottage in the mountains for your extended family? Do you want to donate to charities? Would you like to pay for your child's or nephew's education? Do you have money to pay for graduation, wedding, baby shower, or birthday gifts?

14. I' m too old to save money.

Do you have a job? Do you have any goals? Is your house or condominium 100% paid off? Are you current on your health insurance premiums?

15. I will live off of social security.

If you want to live off of social security payments you'll have to take a huge lifestyle cut. You'll probably have to get a part time job to pay for those incidental expenses and medicine. Most people take medicine on a daily basis for a variety of reasons. If you get a part time job when you are old you won't make as much as you did before you quit.

16. My children will take care of me and I will live off of them.

Can I say grow up? Won't they be busy taking care of their own children? If your children live in another city or country, will you be willing to move in with them and adapt to their lifestyle? Perhaps you're planning on not letting your children leave home, but at what price?